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Forex: GBP/USD trading off highs at 1.5225/28

FXstreet.com (Barcelona) - A GBP/USD is trading slightly off session highs at 1.5240 during US trading, having experienced a tumultuous afternoon. The cross has already broken through resistance and is experiencing a +0.65% gain at 1.5225/28.

Briefing the technicals, the GBP/USD is slated to face calculated resistance at 1.5255. On the decline, a break below 1.5089 will trigger supportive measures at 1.5041 and 1.5006.

Karen Jones, Head of FICC Technical Analysis at Commerzbank, argued, “Further consolidation remains on the cards. While capped by the 1.5269 June 2012 low, we will maintain an immediate bearish bias”. The expert added that a close below 1.5101 (20-day moving average) would trigger further downside to the 1.500 area en route to 1.4832.

Forex: GBP/USD bounces at 1.0385, back to 1.0440

After finding support at 1.0385, the AUD/USD bounced to break above the 1.0330 level and trade as high as 1.0440. Currently the pair is pricing at 1.0433, still 0.27% negative on the day.
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Forex Flash: USD/JPY eyes 92.00 by year-end amidst BoJ action – Westpac

According to Global FX Strategist Sean Callow at Westpac, “We have run with a negative bias on USD/JPY for the last couple of weeks and several more weeks for EUR/JPY. However, versus the shopping list of policy we wanted to see from the BoJ in April, we would have to say we are impressed by what we see.” The BoJ is now targeting ¥140tn of JGBs on the balance sheet by end 2013 and ¥190tn by end 2014. The BoJ is targeting a doubling in the monetary base by end 2014.
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